While the markets had not yet recovered from the SVB and Signature Bank crisis, another one was experienced by the banking giant Credit Suisse, which has been among the 30 most important banks in the world and has been serving since 1856.
Shares of Swiss banking giant Credit Suisse were experiencing major losses with the collapse of the SVB.
The deepening of the crisis was averted when Switzerland's largest bank, UBS, took over Credit Suisse.
And this development was welcomed by the financial circles.
The following statement was released by Secretary of the Treasury Janet L. Yellen and Federal Reserve Board Chair Jerome H. Powell:
“We welcome the announcements by the Swiss authorities today to support financial stability.''
#creditsuisse #signature #svb #globaltradewars #gtw
